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Compare current 10-year refinance rates

On Thursday, September 21, 2023, the national average 10-year fixed refinance APR is 6.89%. The average 10-year fixed mortgage APR is 6.81%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Thursday, September 21, 2023, the national average 10-year fixed refinance APR is 6.89%. The average 10-year fixed mortgage APR is 6.81%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current 10-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive refinance rates. This interest rate table is updated daily to give you the most current rate when choosing a refinance home loan.

Product Interest Rate APR
10-Year Fixed 6.84% 6.89%
15-Year Fixed 6.90% 6.93%
20-Year Fixed 7.77% 7.80%
30-Year Fixed 7.78% 7.80%

Rates as of Thursday, September 21, 2023 at 6:30 AM

How to refinance into a 10-year loan

  1. Set a clear financial goal: There should be a solid purpose to the refinancing — whether it’s to reduce your monthly payment, shorten the term of your loan or tap into your home equity to get money for home repairs or debt repayment. 
  2. Check your credit score and history: You’ll need to qualify for a refinance just as you needed to get approval for your original home loan. The higher your credit score, the better refinance rates lenders will offer you — and the better your chances of underwriters approving your loan. While there are ways to refinance your mortgage with bad credit, spend a few months boosting your score, if you can, before you start the process.
  3. Determine how much home equity you have: Your home equity is the total value of your home minus what you owe on your mortgage. You may be able to refinance a conventional loan with as little as a 5 percent equity stake, but you’ll get better rates and fewer fees (and won’t have to pay for private mortgage insurance or PMI) if you have at least 20 percent equity. 
  4. Shop multiple lenders: Getting quotes from at least three mortgage lenders can save you thousands. Bankrate’s refinance rate table allows you to comparison-shop loans, to help you find the best fit for your financial needs.
  5. Get your paperwork in order: Gather recent pay stubs, federal tax returns, bank/brokerage statements and anything else your mortgage lender requests. Your lender will also look at your credit history and net worth, so disclose all your assets and liabilities upfront. Having all your documents ready before starting the refinancing process can make it go more smoothly and often more quickly.
  6. Prepare for your home appraisal: Mortgage lenders typically require a home appraisal (similar to the one done when you bought your house) to determine its current market value.
  7. Come to closing with cash if needed: The closing disclosure, as well as the loan estimate, will list all the extra expenses (aka the closing costs) needed to finalize the loan. You may need to pay 3 to 5 percent of your total loan at closing. 
  8. Keep tabs on your loan: Store copies of your closing paperwork in a safe location and set up automatic payments to make sure you stay current on your mortgage.

Pros and cons of a 10-year fixed-rate refinance

As with most mortgage refinances, overhauling your home loan only really makes sense if you can save money or tap your equity. If you’re considering a refi and aren’t sure what term makes sense for you, here are some things to consider:


  • Short repayment period means you’ll quickly own your home outright
  • 10-year loans tend to have lower interest rates than longer-term ones
  • fixed-rate mortgage has predictable monthly payments, making it easier to budget


  • High monthly payments compared to shorter-term loans
  • You could have to refinance again to lower your payments
  • Less flexibility in your monthly budget, reducing your ability to save

When should you consider a 10-year refinance?

Refinancing to a 10-year loan makes sense when you’ve been paying off your mortgage for many years, or for homeowners who want to get really aggressive with their repayment. Refinancing into a 10-year mortgage can allow you to secure a lower interest rate without extending your repayment term.

Although rates can differ depending on the lender and your own finances, 10-year refinance rates are generally lower than other terms, like 15- or 30-year mortgages. However, you'll likely face a higher monthly payment, especially if you’re refinancing to a shorter repayment term.

Given the higher monthly payment, a 10-year refinance loan makes sense for homeowners with sufficient cash flow who want to be debt-free sooner, especially those who want to pay off their mortgage before retirement.

Alternatives to a 10-year refinance

If you’re considering a refi, remember you have options beyond the 10-year loan. For many borrowers, a longer repayment period makes more sense because of the lower monthly payments. 30-year mortgages are the most common type of home financing, and 15-year loans are popular, too.

If you’re planning to move in 10 years or less, a longer loan term could still make sense, because you can always pay more toward your principal balance voluntarily. That option gives you the flexibility of a lower monthly payment to fall back on if your financial situation changes.

You can also consider an adjustable-rate mortgage, which tends to have a lower initial interest rate than a standard fixed-rate loan and usually amortizes over 30 year. Keep in mind that the rate will fluctuate, which means your monthly payment will, too, after the initial fixed period ends.

FAQs about a 10-year refinance